PU Legal Environment & Income Tax Returns Needed to Get Filed in A Business Essay

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wraal37

Business Finance

Post University

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Why is the choice of the right legal form of organization so important? Which would you choose? In addition to the answer to this question, please discuss at least one thing that you didn't know about legal forms of the organization prior to the readings for the week.

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This is a guide to the common forms of small business structure and can help in the choice of the proper structure for a particular situation.

The tax implications of owning or operating a small business are of critical importance. The IRS provides this guide to how common forms of organization afeect both the tax status of the business and also its owners.

This is a guide to the questions raised by the frequently encountered choice of buying an existing business or franchised. Used with the other resources provided this can help in answering this fundamental question.

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Running head: LEGAL FORMS OF ORGANIZATION

Legal Forms of Organization
Student’s Name
Course
Institution Affiliation

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LEGAL FORMS OF ORGANIZATION

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Legal Forms of Organization
Irs (2020) states that an organization's necessary legal forms determine the income tax
returns needed to get filed in a business. The primary traditional ways of the organization
include; S Corporation, Corporation, partnership, and sole proprietorship. A sole proprietorship
follows easy steps of formation and provides the business owner with complete control.
However, the business owner becomes a sole proprietorship when they conduct business but fail
to register as a specific business. On the other hand, partnerships are formed for two or more
business owners. Here, there exists two types of partnerships: Limited Liability Partnerships and
Limited Partnerships. Moreover, a corporation serves as a legal entity that separates the business
from its owners. Corporations can be taxed, legally liable, and make profits; however, they
require extensive reporting, operational processes, and record-keeping. Also,...


Anonymous
Excellent resource! Really helped me get the gist of things.

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